HOUSTON, Jan. 25, 2011 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (OTCBB:LBYE) ("Liberty" or "the Company") is pleased to announce that it has finalized plans for the next stage of its multi phased well re-entry program on its Lockhart Lease, Caldwell County, Texas.
The Company has recently announced the successful work-over of 3 wells on its Lockhart lease. The three wells are now producing consistently and recovered approximately 250 bbls of oil during the first 36 hours of production. Sales of oil from the Lockhart are now ongoing, providing a key source of revenue to the company.
The next stage of this multi phased work-over program will be to drill the Alexander A #2 well to a target depth to produce from the prolific Edwards shale play. We plan to commence work there early February, aiming to have the well online by mid February. Works carried out on the primary 3 wells have improved our understanding of the play, and the company remains positive for its prospects.
The Edwards limestone formation underlies the Eagle Ford Shale and Austin Chalk formations. It is considered by geologists to be the original source of hydrocarbons that are now found in the Eagle Ford shale and Austin chalk above it. Compared to other shale formations it is brittle and contains as much as seventy percent calcite and high silica content with an average clay content of eleven percent. It is easily fracturable and not sensitive to water. EOG Resources have already called it the sixth largest oil discovery in U.S. history.1
"We are very pleased to have the next stage of this work program scheduled for commencement in the coming weeks. Interest in the Edwards shale play has grown immensely recently and we are looking forward to drilling our well and producing from this play. We believe this another low risk work-over that will provide us with increased instant production," commented Ian Spowart, CEO of Liberty Energy Corp. For more information and pictures of the team at work on the Lockhart project see the Liberty Energy website at .
ABOUT LIBERTY: Liberty Energy Corp. (OTCBB:LBYE) is an Independent Oil and Gas Exploration and Production Company dedicated to the sourcing and production of fuel supplies in the United States and Europe. Headquartered in Houston, Texas, the company has leases and royalties in both Texas and Bulgaria, covering several wells with extensive potential for future development. In Texas, four leases – Dahlstrom, Ratliff, and two at Lockhart Northeast – are identified as rich oil and gas sites based around numerous geological pay zones. In North-West Bulgaria, Liberty has royalty rights to a 1,000,000+ acre natural gas property (the A-Lovech exploration block), an area of high quality, low- sulphur natural gas condensate. Through this combined international reach and domestic focus, Liberty Energy is committed to the development of U.S. fuel reserves while seeking out further opportunities for the global energy markets.
Certain statements in this press release are forward-looking and involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Liberty Energy Corp. bases these forward-looking statements on current expectations and projections about future events, based on information currently available. The forward-looking statements contained in this press release may also include statements relating to Liberty Energy Corp.'s anticipated financial performance, business prospects, new developments, strategies and similar matters. Liberty Energy Corp. disclaims any obligation to update any of its forward-looking statements, except as may be required by law.
ON BEHALF OF THE BOARD OF DIRECTORS,
Liberty Energy Corp
Ian Spowart Chief Executive Officer
References
1. http://www.eogresources.com/home/index.html
CONTACT: Liberty Energy Corp. Two Allen Center Suite 1600 1200 Smith Street Houston TX 77002 Tel: 713-353-4700 Fax: 713-353-4701 Email: info@energy-liberty.com INVESTOR RELATIONS: Toll Free: 1-877-890-1650 Email: ir@energy-liberty.com